Gentex Corporation Forecasted to Post FY2017 Earnings of $1.30 Per Share (GNTX)
Gentex Corporation (NASDAQ:GNTX) – Investment analysts at KeyCorp reduced their FY2017 earnings per share estimates for shares of Gentex Corporation in a report released on Sunday. KeyCorp analyst B. Hoselton now expects that the auto parts company will post earnings per share of $1.30 for the year, down from their prior estimate of $1.32. KeyCorp currently has a “Buy” rating and a $25.00 price objective on the stock. KeyCorp also issued estimates for Gentex Corporation’s FY2018 earnings at $1.43 EPS.
A number of other research firms have also weighed in on GNTX. FBR & Co restated a “buy” rating and set a $25.00 target price on shares of Gentex Corporation in a report on Wednesday, October 18th. Zacks Investment Research upgraded Gentex Corporation from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a report on Tuesday, October 17th. Robert W. Baird lowered their target price on Gentex Corporation from $22.00 to $21.00 and set an “outperform” rating for the company in a report on Monday. ValuEngine lowered Gentex Corporation from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Finally, BidaskClub upgraded Gentex Corporation from a “strong sell” rating to a “sell” rating in a report on Saturday, August 26th. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. Gentex Corporation presently has an average rating of “Hold” and an average price target of $22.06.
Gentex Corporation (NASDAQ GNTX) opened at 18.91 on Tuesday. The company’s 50-day moving average price is $19.58 and its 200-day moving average price is $18.94. The company has a market cap of $5.40 billion, a price-to-earnings ratio of 15.01 and a beta of 1.18. Gentex Corporation has a 52-week low of $16.06 and a 52-week high of $22.12.
Gentex Corporation (NASDAQ:GNTX) last posted its quarterly earnings data on Friday, October 20th. The auto parts company reported $0.31 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.31. Gentex Corporation had a return on equity of 18.45% and a net margin of 20.80%. The company had revenue of $438.63 million during the quarter, compared to analyst estimates of $452.42 million. During the same quarter last year, the company earned $0.32 EPS. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Reinhart Partners Inc. increased its position in shares of Gentex Corporation by 24.4% in the 3rd quarter. Reinhart Partners Inc. now owns 1,747,917 shares of the auto parts company’s stock valued at $34,609,000 after acquiring an additional 342,815 shares during the period. Kirr Marbach & Co. LLC IN increased its position in shares of Gentex Corporation by 0.6% in the 3rd quarter. Kirr Marbach & Co. LLC IN now owns 562,362 shares of the auto parts company’s stock valued at $11,135,000 after acquiring an additional 3,541 shares during the period. BerganKDV Wealth Management LLC acquired a new position in shares of Gentex Corporation in the 3rd quarter valued at $376,000. Oak Associates Ltd. OH increased its position in shares of Gentex Corporation by 12.6% in the 2nd quarter. Oak Associates Ltd. OH now owns 232,290 shares of the auto parts company’s stock valued at $4,407,000 after acquiring an additional 26,000 shares during the period. Finally, Mountain Capital Investment Advisors Inc acquired a new position in shares of Gentex Corporation in the 2nd quarter valued at $255,000. 80.86% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Chairman Fred Bauer sold 239,400 shares of the company’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $17.33, for a total value of $4,148,802.00. Following the transaction, the chairman now directly owns 5,771,128 shares of the company’s stock, valued at approximately $100,013,648.24. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Steven R. Downing sold 8,000 shares of the company’s stock in a transaction on Wednesday, September 27th. The shares were sold at an average price of $19.70, for a total value of $157,600.00. Following the completion of the transaction, the chief financial officer now directly owns 47,362 shares in the company, valued at $933,031.40. The disclosure for this sale can be found here. Over the last three months, insiders sold 251,720 shares of company stock worth $4,391,506. 2.50% of the stock is owned by insiders.
The company also recently announced a quarterly dividend, which was paid on Wednesday, October 18th. Investors of record on Friday, October 6th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.12%. The ex-dividend date of this dividend was Thursday, October 5th. Gentex Corporation’s payout ratio is 31.75%.
Gentex Corporation announced that its Board of Directors has authorized a stock repurchase program on Wednesday, August 23rd that authorizes the company to buyback 15,000,000 outstanding shares. This buyback authorization authorizes the auto parts company to repurchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
About Gentex Corporation
Gentex Corporation designs and manufactures automatic-dimming rearview mirrors and electronics for the automotive industry, dimmable aircraft windows for the aviation industry, and commercial smoke alarms and signaling devices for the fire protection industry. The Company’s business segment involves designing, developing, manufacturing and marketing interior and exterior automatic-dimming automotive rearview mirrors that utilize electrochromic technology to dim in proportion to the amount of headlight glare from trailing vehicle headlamps.
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